The price of gold has successfully exceeded the initial target, validating the breach of the $2222.86 level following the closure of the daily candlestick above this threshold. This development reinforces the anticipation of a sustained bullish trend over the intraday and short-term periods.
Our analysis suggests a continued upward trajectory, with a near-term target set at the $2250.00 mark. Additionally, we foresee further advancement in the upcoming sessions, characterized by movement within the established bullish channel visible on the chart.
However, it’s essential to monitor the support level at $2222.86 closely. A breach below this level, accompanied by sustained trading below it, may lead to a corrective decline, potentially testing the support line of the bullish channel around $2188.00 before any renewed attempts at an upward movement.
For today’s trading activities, the expected trading range is outlined as follows:
– Support: $2220.00
– Resistance: $2250.00
In summary, our trend forecast remains bullish, reflecting our expectation of a continued uptrend in the price of gold.
